Artificial intelligence is present in multiple industries and has positive impacts on modern life. Discover the top benefits of AI and its many applications.
It’s natural human behavior to express doubt or hesitation about things we don’t fully understand, especially when it involves technology. Some of this propensity is due to cultural assumptions, representations in fictional entertainment, and differing opinions about the value of tech advancements. Artificial intelligence (AI) is one example that often inspires curiosity and incites debate.
Despite its widespread application, not everyone understands how seamlessly artificial intelligence integrates into modern society. As a result, many may miss out on the tangible benefits of AI.
In this post, we’ll take a closer look at how artificial intelligence is used, what the current trends show, and the benefits that both individuals and businesses can experience with AI.
How is artificial intelligence (AI) used today?
One common misconception about artificial intelligence is that it only involves the creation of intelligent robots that usurp human authority. Unfortunately, this notion comes from science fiction and is a poor representation of how AI applications realistically affect human life.
From digital advertising, voice recognition software, and self-driving cars, AI is more widespread than ever. It also has applications in numerous industries in both the public and private sector.
Healthcare – Artificial intelligence is useful for interpreting patient data, making smart diagnostic tools, and producing enhanced medical images.
Financial Services – In the financial services realm, AI has several applications for banking and consumer accounts. Smart predictive technology also offers security and protection for personally identifiable information (PII) used in financial documents.
Government – Government agencies can leverage artificial intelligence to analyze statistics, ensure compliance, and make more informed legal or military decisions.
Education – In education, AI tools can be used to enhance the student experience and to provide smart technologies for individuals who require accommodations or have unique learning needs.
Transportation – The transportation industry includes everything from self-driving vehicles to AI-backed tools that help shipping and freight carriers deliver goods with more precision. AI also has a significant impact on supply chain management.
AI statistics and current research
AI implementation is on the rise at home and abroad. More companies are investing in AI technology, and more average tech users have AI tools at their disposal on a regular basis.
To showcase how deeply the benefits of AI have woven into the fabric of society, consider the most recent data about AI usage.
By 2030, AI projects are expected to contribute over $15.7 trillion to the global economy.
Artificial intelligence applications have been shown to increase business productivity by up to 40%.
The demand for AI roles and qualified AI labor has grown (on average) five times higher since the year 2013.
In recent surveys, up to 86% of CEOs report that AI tools are part of their mainstream corporate and office culture.
As this is just a sampling of recent AI data, it’s clear that executives, financial leaders, and decision-makers are embracing the benefits of AI technology.
Artificial Intelligence Advantages
With such a great variety of applications and use cases, it’s not difficult to see the benefits of incorporating artificial intelligence into contemporary life. AI has positive impacts at both the micro and macro level, which makes it beneficial for individuals, corporations, and society.
Consider the following benefits of artificial intelligence:
AI implementation frees up time and resources
One of the most prominent benefits of AI is that it reduces the need for tedious steps and manual processes that contribute to inefficiencies. Although this is most applicable in business, AI tools can help average users save time and effort on cumbersome tasks.
An example of this benefit is the ability to speak to digital assistants (through a mobile device or smart hub) and set reminders for events and tasks. These voice commands can usually be accomplished on the go to help users maximize time and productivity.
The same relevance is true for any business or organization that wants to reduce manual administrative processes. Consider the rise of chatbots and smart messaging services, which are now capable of delivering customer support at times when a live human is not available.
AI may reduce human error on manual tasks
When performing manual tasks (such as assembly or data entry), it’s natural for humans to make basic performance errors. These mistakes are a natural part of routine work, and most businesses have plans in place to audit and correct them.
Smart, predictive AI tools are typically pre-built with set data and clearly defined instructions. Since there is no deviation, artificial intelligence can help reduce manual errors and mistakes.
24/7 availability with high uptime
Another benefit of artificial intelligence technology is that once it is up and running, it’s usually ready for extended use. This means that AI tools can operate in non-business hours, which brings more flexibility to global corporations.
While no technology is completely foolproof, AI has a high uptime once it’s active and deployed. This means that most users can benefit from around-the-clock consistency when using intelligent features.
AI improves decision-making by using better data
Many organizations want to make more informed decisions with the data they possess. AI platforms can help organizations collect, interpret, and store data more efficiently. As a result, there is greater accuracy and less guesswork for individuals in decision-making roles.
When it comes to consumer buying behaviors, individual movements within a specific geographic region, or even risk assessment, AI holds the key. Historical data combined with predictive analytics can be a powerful combination for businesses, municipalities, and governments.
AI platforms offers expanded customer support options
Modern businesses need innovative and creative ways to serve customers and meet new demands. Artificial intelligence can satisfy those requirements by offering smart chat features and predictive customer support options. These tools make it easier for customers to connect with businesses and quickly receive the help they need.
AI can also be used to make recommendations, troubleshoot common problems, and deliver important messages. These uses may help businesses offer multi-layer support to consumers without wasting valuable resources.
AI provides practical solutions to modern disasters
Occasionally, the burden of proof is on AI developers to illustrate how artificial intelligence is a force for good. Fortunately, there are plenty of ways that AI improves modern life and increases safety in response to threats and disasters.
In an age of climate change, AI tools can help forecasters spot dangerous weather patterns far in advance of when they might take place. When natural disasters do occur, AI tools can better equip emergency responders with the data they need to act quickly.
Soon, deep and machine learning tools may even be used to help notify residents of important warnings and evacuation messages. These options prove that AI is highly beneficial to human safety in a world of increasing environmental threats.
Are there any downsides to using AI?
Of course, along with the benefits of artificial intelligence, there are also things to keep in mind as potentially harmful. This is true of any technology or software solution, and it is not a reason to discontinue use of any particular technology. Instead, the downsides should promote awareness and encourage accountability.
Some of the downsides to using or pursuing artificial intelligence include the following:
AI implementation may be a costly investment, particularly for organizations that have limited in-house development teams or software budget.
There is often a steep learning curve with more advanced AI tools and platforms.
Some users have false or misleading assumptions about the purpose of AI, which may increase resistance or hesitation.
Replacing rote tasks with AI applications may eventually contribute to the elimination of certain jobs or roles; this could lead to fear over widespread AI use.
AI systems aren’t yet able to respond emotionally, which many see as a good thing. Without the ability to feel or process in response to feelings, AI tools are limited in the ability to perceive and respond based on human nature.
Steps to encourage AI adoption
If you’ve been tasked with helping your team, department, or company recognize the benefits of artificial intelligence technology, you may be wondering what steps to take to ensure strong adoption. There are a few actions you can take to encourage confidence and trust.
Establish definitions for what the AI tool does and what it does not do. Clarity breeds trust and understanding.
Provide in-depth training on any new technology, and encourage employees to seek refresher training as needed.
Only choose highly secure, compliant AI options. Never take risks on underdeveloped or insecure technology that could put important data at risk.
Regularly audit for effectiveness to ensure that the AI application is still the most appropriate choice for a given task or purpose.
Artificial intelligence continues to create massive waves in the global market. Moreover, AI technology regularly affects and influences the lives of millions of individuals every single day. From small daily tasks to broad cultural applications, artificial intelligence is everywhere.
With its numerous advantages and benefits, AI is not something to fear, but rather something to embrace. We can lean on the benefits of this life-changing technology to continually improve, advance, and pioneer new solutions to modern challenges.